Daily money managers, or DMMs, serve clients in a wide variety of ways.
At one end of the spectrum, are DMMs who come to your home (or location of your choosing), sort through your mail, organize what they need, and prepare either checks for your signature, or online bill pay payments for you to authorize and send. They are often solo practitioners, but a number of them are companies with employees or contractors who visit clients.
At the other end of the spectrum are providers like FreyerMartin (www.freyermartin.com) who offer what I call "full service" programs, meaning that while clients are welcome to be as involved as they'd like, the minimum required level of involvement and availability is designed to be quite low. Bills come directly to our lockbox and we authorize payments from an account funded by the client. We make calls for clients without needing them to be on the line, and do as much as possible, asking for their time only when necessary. Providers at this end of the spectrum are almost always companies with staff (either employees or contractors) and are usually located in commercial office space, though some allow employees to work virtually from their homes.
Regardless of style, the core service is always focused on paying your personal bills on time.
DMMs often provide other services as well. Those working with seniors typically also deal with Medicare, insurance claims, and other senior-related issues. Those working with affluent clients might handle the financial activity and accounting for vacation or rental properties. You'd be surprised at the "other" things DMMs have been asked to do!
When you're ready to outsource your personal bill paying, think carefully about which style makes you most comfortable. Solo practitioner? Firm? Employees? Contractors? Your location or theirs?
Feel free to contact me if you any questions - I'd be happy to help you sort through it!
